China has accelerated its gold accumulation spree again, with its streak lasting almost two years straight.
The Asian country has added another 23 tonnes of gold to its reserves in September, which became its largest monthly purchase in roughly three years.
Other central banks, including those from Poland, Uzbekistan, and Kazakhstan, have been accumulating the precious metal as well in substantial portions over the year.
China Keeps Buying Gold
The Kobeissi Letter highlighted over the weekend that the People’s Bank of China purchased approximately 23 tonnes of gold in September, beating its previous 2026 record in terms of monthly purchases. This marked its 23rd consecutive month of buying and followed additions of roughly 20 tonnes in both July and August.
The world’s most populous country has bought more than 100 tonnes of the bullion in 2026, and its reported reserves have skyrocketed to 2,410 tonnes.
China has become the fifth-largest gold holder, trailing the US, Germany, Italy, and France. However, the analysts at the Kobeissi Letter said China is likely to surpass Italy and France as early as this year at this pace, as both European nations hold 2,452 tonnes and 2,437 tonnes, respectively.
BREAKING: China’s central bank officially bought +23 tonnes of gold in September, its largest monthly purchase since September 2023.
This follows +20 tonnes purchased in both August and July, and marks its 23rd consecutive monthly gold purchase.
So far in 2026, China has officially acquired +103 tonnes of gold, raising total holdings to a record 2,410 tonnes.
China is now the world’s 5th-largest gold holder, following the US, Germany, Italy, and France.
At this pace, it could surpass Italy and France as early as this year, which hold 2,452 tonnes and 2,437 tonnes, respectively.
China is aggressively buying the dip in gold.
— The Kobeissi Letter (@KobeissiLetter) October 9, 2026
The bullion’s price soared to $4,700/oz during the mid-August breakout rally, but it was rejected and dipped to $4,060 earlier in October. It recovered some ground to $4,194/oz as of Friday’s close.
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Not Just China
Data from the World Gold Council shows that global central banks reported 39 tonnes of net purchases in August alone, following 23 tonnes in July. China led August with 20 tonnes, but several other countries followed suit.
The National Bank of Poland added 8 tonnes, taking its 2026 purchases to almost 100 tonnes and its total reserves to roughly 648 tonnes. Uzbekistan also purchased 8 tonnes in August, while Kazakhstan added 7 tonnes.
A WGC survey found that 84% of central banks expected gold to represent a larger share of global reserves five years from now.